MoREEFF provides long-term commercial financing to participating commercial banks for financing energy efficiency measures in residential houses in the country. The project generates investments in high performing energy efficiency technologies, promoting local suppliers and installers of equipment and engineers' activities related to these technologies. At the same time, the project aims at raising public awareness about the economic and environmental benefits of energy efficiency in this sector.
Some examples of the technological improvements are the use of thermal protection of building envelopes, the increased efficiency of building services and the use of renewable energy sources (solar, biomass) for buildings. These technologies will lead to reductions in the quantity of energy losses in buildings, thus significantly cutting greenhouse gas emissions levels. Thanks to these energy savings, the electricity network will be in a better position to meet increases in demand. EBRD contracted the Project Consultant (I VEL Consult Bu1garia) in 2012. Four banks: Moldinconbank, Moldova Agroindbank, ProCredit Bank and Mobiasbanca - Groupe Generale have joined the framework since it was launched on 2 October 2012, bringing EBRD commitments to € 15 million. To date MoREEF has financed 192 sub-loans totaling €437,362 and representing 192 households who have made energy and money saving improvements to their homes. These projects are helping save an estimated 970 MWh per year which is enough energy to drive a car over 1, 455, 191 kilometres. As a result, C02 emissions have been reduced by 220 tonnes per year, which otherwise would require 8,156 trees to absorb. MoREEFF was launched in 2012. In May 2012, EBRD Board approved the increased size of MoREEFF from € 25 to 35 million. As a result EBRD has added a request the NIF pipeline for an Investment Grant to support the increased financing. efficiency of building services and the use of renewable energy sources (solar, biomass) for buildings.
The use of these technologies to reduce the quantity of energy losses in edifices, hence, significantly reduce greenhouse gases emissions. Finally, the energy savings obtained will also improve the electricity network capacity to face increases of demand without need of additional expensive investment in generation infrastructure.